May 28th, 2010

Week’s Top Stories: May 22 - 28, 2010

Posted at 10:00 AM ET

Solvency II - Non-Life Underwriting Risk in Light of QIS 5:   On April 15th, 2010, the European Commission (EC) published its draft technical specifications for the next Quantitative Impact Study (QIS) 5, which will be implemented from August to November of 2010. Based on empirical evidence, the general calibration of the standard formula solvency capital requirement (SCR) may fall between the calibration of QIS 4 and the calibration seen in the rigid proposals of the various consultation papers (CP) submitted during 2009. This article takes a deeper look at the calibration of non-life underwriting risk as part of the overall SCR calculation.

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Floods in Central and Eastern Europe:   Heavy rain has triggered severe floods in parts of central and Eastern Europe over the last week, killing at least nine people, inundating homes and businesses and causing widespread damage and disruption. Parts of Poland, Hungary, the Czech Republic and Slovak Republic have been flooded after days of heavy rain burst river banks and inundated low-lying areas. The heavy rain was accompanied by strong winds, causing power outages and transportation disruption. Reports said southern Poland was worst-affected after the Vistula River burst its banks. Poland’s Prime Minister, Donald Tusk, said the damage caused by the flooding could cost more than EUR2 billion (USD2.5 billion).

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GC Videocast - Risk Management Creates Value:  Guy Carpenter’s Global Chief Economist Joan Lamm-Tennant offers a view of how risk management creates value.

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GC Videocast - Enterprise Risk and Risk Capital: A Perspective on the Future:   Guy Carpenter’s Global Chief Economist Joan Lamm-Tennant reviews emerging themes, post financial crisis, around enterprise risk and risk capital.

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GC Securities, a Division of MMC Securities Corp., Announces Completion of 144A Catastrophe Bond - EOS Wind Limited*:  This catastrophe bond transaction provides per-occurrence PCS Index Protection for U.S. hurricane and per-occurrence Paradex Protection for European windstorms.

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Turn Solvency II Compliance into a Competitive Advantage:  The emerging consensus seems to be that Solvency II will cost a lot and make the (re)insurance business more complicated. If conventional approaches to regulatory compliance are applied, this is likely to be true. After all, compliance tends to be seen as just another expense. This does not have to be the case for Solvency II, however. Choosing the right approach could free capital for investment elsewhere, ultimately resulting in a competitive advantage. “Competitive compliance,” consequently, can create an upside where most would perceive only a cost to be managed.

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*Securities or investments, as applicable, are offered in the United States through GC Securities, a division of MMC Securities Corp., a US registered broker-dealer and member FINRA/SIPC. Main Office: 1166 Avenue of the Americas, New York, NY 10036. Phone: (212) 345-5000. Securities or investments, as applicable, are offered in the European Union by GC Securities, a division of MMC Securities (Europe) Ltd., which is authorized and regulated by the Financial Services Authority. Reinsurance products are placed through qualified affiliates of Guy Carpenter & Company, LLC. MMC Securities Corp., MMC Securities (Europe) Ltd. and Guy Carpenter & Company, LLC are affiliates owned by Marsh & McLennan Companies. This communication is not intended as an offer to sell or a solicitation of any offer to buy any security, financial instrument, reinsurance or insurance product.

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